In commodity market terminology, Soybean Oil refers to the oil pressed from soybeans or the Soya plant seed. Soybean oil, also known as “vegetable oil”, is widely used in cooking and food-processing. Soybeans are an oilseed legume originally from East Asia that has been used for centuries as a protein source both for humans and animals.
Soybean Oil futures are traded on the Chicago Board of Trade and the CME Group’s Globex electronic trading platform. Contracts are for 60,000 pounds or 27 metric tons of Soybean oil. Prices are quoted in U.S. Dollars with a minimum fluctuation of 1/100 of a cent per pound or $6.00 per contract.